Gap up 8% Pre-Market on Strong Q4 Guidance

The shares of Gap GPS are trading higher pre-market following its January same store sales and guidance announcement. The company's same store sales decreased by 4% vs the estimated decrease of 5.1%. Gap also guided Q4 EPS $0.41 to $0.42 versus consensus of $0.35. CEO Glenn Murphy said: “January was largely clearance-based, and we're pleased we successfully cleared holiday inventory. As we transition to a new year, our teams are focused on making the necessary steps to improve our business performance in 2012.” Gap is currently trading at $21.02, up $1.57 or 8.07% pre-market.